The debt-financed, $1.2 billion acquisition of Avantax Inc. and its 3,100 financial advisors that Cetera announced last week is not only an indication of firms’ interest in nabbing more and more wealth management assets, but also shows how using debt to fuel such deals could further reshape the financial...
CAIS, an alternative investment platform focused on independent financial advisors, said on Thursday it had added a dozen new managers or investment strategies from existing managers to its platform. Apollo Global Management, Ares Management Corporation, Bain Capital, Blue Owl Capital, The Carlyle Group, Fidelity Investments, Franklin Templeton, KKR, Neuberger Berman,...
Broker-dealer industry veteran Tom Berthel is stepping away as CEO from the management of the day-to-day operations of the broker-dealers and registered investment advisor with 360 financial advisors who work with $9.8 billion in client assets. The most prominent of those firms is the independent broker-dealer Berthel Fisher &...
Cetera Holdings this week said it was spending $1.2 billion to acquire the nearly 3,100 tax focused financial advisors at Avantax Inc., a clear indication that the valuations for broker-dealers and registered investment advisors are still climbing and no one knows how high they will go. To put that...
The Securities and Exchange Commission said Tuesday it reached a settlement with digital alternative investments platform YieldStreet of $1.9 million, with the company facing SEC allegations of failing to disclose critical information to investors in a $14.5 million asset-backed securities offering involving a ship that was to be taken...
With a nod toward LPL Financial Holdings Inc.’s recent successes in both recruiting financial advisors as well as signing up large outside firms like banks to use its platform, Barclays Equity Research slapped a brand-new “overweight” rating on shares of LPL Financial (LPLA). As Barclays initiated its coverage of...
As the wealth management acquisition binges rolls on, Cetera Holdings on Monday morning said it was buying Avantax Inc., with close to 3,000 financial advisors who focus on clients’ taxes, for $1.2 billion in an all-cash deal. Cetera Holdings is the parent of Cetera Financial Group, a giant network...
When James Gorman arrived at Morgan Stanley in 2006 after running Merrill Lynch’s thundering herd of financial advisors, senior management at first thought his plans to kick a dysfunctional wealth management business in the pants and boost profits sounded a bit off-the-wall. Indeed, his own profitability targets for the sprawling...
After a dispute about fees between a leading corporate governance watchdog and REIT management, the merger of two real estate investment trusts controlled by Nicholas Schorsch’s AR Global appears to have been approved Friday, resulting in a $375 million “internalization” fee to AR Global. The two AR Global REITs...
The newly rebranded Osaic Inc. said Thursday that it nabbed a team of financial advisors formerly with Wells Fargo Advisors Financial Network that manages $600 million in client assets. Based in Birmingham in suburban Detroit, the Investment Consulting Group consists of managing partners and co-founders Christopher DeWolfe and Jason...